The Sensex surged by 2,778 points, or 3.8%, reaching a new record high of 76,738.89, opening 2,622 points higher at 76,583.29. It closed with a substantial gain of 2,507 points, or 3.39%, at 76,468.78.
Similarly, the Nifty 50 opened 807 points higher at 23,337.90 and rose by 808 points, or 3.6%, hitting a fresh record high of 23,338.70. It closed at 23,263.90, up by 733 points, or 3.25%.
Additionally, the volatility index, India VIX, fell by 15% to 20.94, indicating market stability in the near term.
Impact on the stock market
All major sectoral indices closed with gains. The Nifty PSU Bank index surged by 8.40%, followed by the Nifty Oil & Gas index, which rose by 6.81%, and the Nifty Realty index, which saw a 5.95% increase.
The Nifty Bank index surged by 4.07%, while the Financial Services and Private Bank indexes jumped by 4.04% and 3.34%, respectively.
| Sector/Index | Performance |
| Information Technology | +0.39% |
| Healthcare | +0.45% |
| Oil & Gas | +6.81% |
| Realty | +5.95% |
| PSU Banks | +8.40% |
Today top gainers in share market
| Company | Price | Change (%) |
| Adani Ports share price | 1,583.95 | +10.20% |
| NTPC share price | 391.80 | +9.14% |
| SBI share price | 905.65 | +9.07% |
| Power Grid Corp share price | 337.65 | +8.92% |
| ONGC share price | 284.10 | +7.47% |
Today top losers in share market
| Company | Price | Change (%) |
| Eicher Motors share price | 4,680.05 | -1.13% |
| LTIMindtree share price | 4,657.95 | -0.93% |
| Asian Paints share price | 2,864.90 | -0.57% |
| HCL Tech share price | 1,317.00 | -0.54% |
| Britannia share price | 5,171.70 | -0.16% |
Market aftermath: Impact on stocks
SBI shares surge 10%, market cap hits ₹8 lakh crore milestone
SBI shares surged nearly 10% on June 3, pushing its market cap past ₹8 lakh crore for the first time. The rally coincided with the benchmark indices peak.
SBI shares peaked at ₹912 on the NSE, marking a 9.8% rise. Year-to-date, SBI stock has rallied 40.7%, with 51.7% returns in six months and 53.6% in a year. SBI reported a 24% YoY Q4 net profit increase to ₹20,698 crore.
Reliance hits record high, market cap exceeds ₹20 lakh crore
Reliance Industries Ltd shares surged over 5% on June 3, hitting a record high of ₹3,025 on the NSE, surpassing the previous high of ₹3,024.9. This rise pushed the company’s market cap past ₹20 lakh crore.
On the BSE, the stock was up 5.6% at ₹3,019.6. Contributing 119 points to the NIFTY50’s 700-point gain, Reliance’s surge coincided with India’s Q4 GDP growth at 7.8% and full-year GDP growth at 8.2%, per MSPI data.
Ashoka Buildcon shares surge 9%
Ashoka Buildcon shares surged 9% to a 52-week high of ₹200 on June 3 after winning two MSRDC projects worth ₹2,153 crore. One project, a bridge across Jaigad creek, is priced at ₹794.85 crores, while the second, a bridge across Kundalika creek, is priced at ₹1,357.87 crores.
With a 36-month completion timeline, both projects will be executed in EPC mode. Shares closed at ₹195.25, up 6.49% on the NSE.
Crude oil futures dip
Crude oil futures traded marginally lower on Monday morning despite OPEC extending production cuts into 2025. At 9:17 am, August Brent oil futures were down 0.04% at $81.08, and July WTI futures were down 0.04% at $76.96.
June crude oil futures on MCX fell 0.77% to ₹6,403, while July futures dropped 0.84% to ₹6,396, compared to the previous close of ₹6,453 and ₹6,450 respectively.
Conclusion
In summary, June 3, 2024, marked a remarkable day for the Indian stock market, witnessing the largest single-day gain since January 2, 2021.
Both Sensex and Nifty 50 soared to new record highs, accompanied by a significant drop in the volatility index, indicating market stability. SBI and Reliance led the rally, with Ashoka Buildcon also making notable gains.
Stay tuned to StockGro for further updates and insights!
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